This form is used when the Operator desires to amend the Designation of Pooled Unit, as permitted by the terms of the Leases included in the Unit, to (increase/reduce) the size of the Unit so that, on the Effective Date of this Amendment, the Unit will consist of a specific number of acres of land, which lands are to be depicted on a plat attached to this Amendment.
Utah Amendment to Pooled Unit Designation is a legal provision specific to oil and gas operations in the state of Utah. It refers to the process of modifying an existing pooled unit designation, which is the spatial area that combines multiple oil and gas leases or tracts for efficient and economic extraction of hydrocarbons. The amendment to pooled unit designation is typically requested by operators or leaseholders when there is a need to revise or update the boundaries, formation specifications, or participation interests within an existing pooled unit. This amendment is essential to ensure that the pooling arrangement aligns with the operational requirements, reservoir characteristics, and regulatory guidelines of the Utah Department of Natural Resources. The Utah Amendment to Pooled Unit Designation plays a crucial role in maximizing the recovery of oil and gas resources while maintaining fairness among working interest owners within a specific area. This process fosters collaboration and efficient resource utilization, preventing the wasteful drilling of unnecessary wells and minimizing surface disturbance. There are different types of Utah Amendments to Pooled Unit Designation, depending on the nature of changes requested. Some of these can include: 1. Boundary Amendment: This type of amendment is pursued when there is a need to adjust the perimeter of the pooled unit, either to include additional leases or exclude certain areas. It ensures that only relevant properties are included in the unit. 2. Formation Amendment: When there is new information or improved understanding of the subsurface geology, this amendment allows for the modification of the unit's reservoir boundaries or stratigraphic designations to optimize future well placements and production. 3. Participant Interest Amendment: This amendment is sought when there is a desire to alter the proportionate working interests among participants within the pooled unit. It could involve adjusting percentages or introducing new parties to reflect their respective contributions or acquisitions. 4. Development Plan Amendment: If a change in the original development plan becomes necessary due to operational or technical reasons, a development plan amendment is pursued. This could include modifications to the designated well locations, drilling depths, or extraction techniques for more efficient resource recovery. Utah Amendment to Pooled Unit Designation ensures that oil and gas operations in the state adhere to evolving industry practices while maintaining compliance with environmental regulations. It serves as a framework for effective collaboration among stakeholders and safeguards the long-term sustainability of Utah's hydrocarbon resources.Utah Amendment to Pooled Unit Designation is a legal provision specific to oil and gas operations in the state of Utah. It refers to the process of modifying an existing pooled unit designation, which is the spatial area that combines multiple oil and gas leases or tracts for efficient and economic extraction of hydrocarbons. The amendment to pooled unit designation is typically requested by operators or leaseholders when there is a need to revise or update the boundaries, formation specifications, or participation interests within an existing pooled unit. This amendment is essential to ensure that the pooling arrangement aligns with the operational requirements, reservoir characteristics, and regulatory guidelines of the Utah Department of Natural Resources. The Utah Amendment to Pooled Unit Designation plays a crucial role in maximizing the recovery of oil and gas resources while maintaining fairness among working interest owners within a specific area. This process fosters collaboration and efficient resource utilization, preventing the wasteful drilling of unnecessary wells and minimizing surface disturbance. There are different types of Utah Amendments to Pooled Unit Designation, depending on the nature of changes requested. Some of these can include: 1. Boundary Amendment: This type of amendment is pursued when there is a need to adjust the perimeter of the pooled unit, either to include additional leases or exclude certain areas. It ensures that only relevant properties are included in the unit. 2. Formation Amendment: When there is new information or improved understanding of the subsurface geology, this amendment allows for the modification of the unit's reservoir boundaries or stratigraphic designations to optimize future well placements and production. 3. Participant Interest Amendment: This amendment is sought when there is a desire to alter the proportionate working interests among participants within the pooled unit. It could involve adjusting percentages or introducing new parties to reflect their respective contributions or acquisitions. 4. Development Plan Amendment: If a change in the original development plan becomes necessary due to operational or technical reasons, a development plan amendment is pursued. This could include modifications to the designated well locations, drilling depths, or extraction techniques for more efficient resource recovery. Utah Amendment to Pooled Unit Designation ensures that oil and gas operations in the state adhere to evolving industry practices while maintaining compliance with environmental regulations. It serves as a framework for effective collaboration among stakeholders and safeguards the long-term sustainability of Utah's hydrocarbon resources.
